HiChina, which is 85% owned by Hong Kong-listed Alibaba.com, may seek to raise up to $150 million and has hired Credit Suisse and Morgan Stanley to help with the spin-off, sources say.

Alibaba.com, the provider of China’s leading online trading platform, has hired Credit Suisse and Morgan Stanley to help it spin off its partially owned HiChina Group unit for a separate listing in the US, according to sources.

Hong Kong-listed Alibaba.com said in a statement earlier this week that HiChina’s offering documents are currently under review by the relevant securities regulatory authority in the US and sources added yesterday that the company...